Headlines for the day.

Shareholders mount pressure on Big Oil firms to cut upstream emission

There is a growing pressure from shareholders in some of the world’s biggest oil producing companies to reduce emissions from operations, reflecting the waning patience of investors pushing for much faster action to tackle climate emergency.

Why $3bn Badagry Deep Seaport project is yet to commence – Hunpe

Babatunde Hunpe, a House of Representatives member, has given reasons for the delay in the commencement of the proposed $3billion Badagry Deep Seaport project in Lagos. Hunpe, who represents Badagry Federal Constituency in the House, said this recently… he pointed out that the preliminary processes required for the port project to take-off, was contributing to delay in commencing the project.

Haulage cost halves as electronic call-up eases port congestion

One month after full deployment of the electronic call-up system in Tin-Can Island Port, the cost of transporting containers from the same port to warehouses in Lagos has declined by 50 percent

Foreign investment in Nigeria slumps to 4yr low

Foreign investment into Nigeria slumped to the lowest level in four years in the first six months of 2021, according to data published Wednesday by state data agency, the National Bureau of Statistics (NBS)

 

 

Power outage as Nigeria’s national grid collapses again

Nigerians are groaning again in darkness after the national electricity grid suffered a major failure on Wednesday, seizing power supply to homes amidst scorching weather conditions.

Naira hits N522 as currency traders hoard dollars

Nigeria’s currency on Wednesday hit N522 per dollar as traders in the parallel market, popularly known as the black market, were seen hoarding dollars for fear of losing money

Investors Lose N5.79bn, NSEASI Dips Marginally by -0.03% as Sell Pressure Persists

Equities market closed today on a negative note, as NSEASI depreciated by -0.03% to close at 38,791.03 basis points as against -0.12% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.67%.

 Market breadth closed negative as CAPHOTEL led 18 Gainers as against 24 Losers topped by TRIPPLEG at the end of today’s session – an unimproved performance when compared with previous outlook.

Market turnover closes negative as volume moved down by -2.29% as against -1.41% downtick recorded in the previous session. OANDO, UBA and WEMABANK were the most active to boost market turnover.  ZENITHBANK and MTNN topped market value list.

TRIPPLEG leads the list of active stocks that recorded impressive volume spike at the end of today’s session.     

17th eTranzact AGM: Shareholders Approve 5.7bn Additional Capital Raising, Holdco Structure

Shareholders at the 17th annual general meeting of eTranzact International Plc approved the additional capital raising of N5.7bn through private placement and the restructuring to a Holding Company, Holdco.

Both approvals got a 100% vote showing the full backing of the shareholders to two critical decisions taken by the board to move the company forward.

At the meeting which was coordinated by the Chairman of the Board Mr. Wole Abegunde, the external auditor’s report by Ernst & Young and the Audit Committee statement both agreed that eTranzact Plc’s 2020 financial records aligned with the provisions of the Company and Allied Matters, CAMA and the International Financial Reporting Standard, IFRS.

Giving their views and perspective on the 2020 financial year performance some of the key shareholders who attended the meeting, highlighted some issues in the operations of eTranzact.

High Chief Roberts in his remarks said the Holdco structure was not a bad idea but harped on the need for etranzact to ensure that its subsidiaries are viable and adding value to the group. He called for clarity on the outcome of the 2020 rights issue.

Sir Sunny Nwosu on his part called on the board to explore ways of managing the capital base in a way it is not over-bloated. He stressed the need to broaden the board’s composition, in alignment with the provisions of CAMA. The shareholder group leader also asked for more information on last year’s right issue.

Mr. Nona Awoh an analyst and shareholder recognized the cost containment measures of the company but emphasized the need to address the issues around the cost of sales.

Responding to the issues raised Mr. Wole Abegunde assured the shareholders, that the Holding Company structure will create value for the market and investors.

On the rights issue, he said the utilization of the proceeds from last year’s activity did not reflect in the 2020 financials. He noted that through the issue eTranzact will be repositioned to the path of profitability in the market.

Also speaking at the AGM, the MD/CEO of eTranzact Mr. Niyi  Toluwalope said 2021 started better than 2020 and eTranzact is exploring innovative products to improve its performance.

The AGM featured the re-election of some of the Directors and the Statutory Audit Committee members amongst others.

UPDC Plc Reports N603m Loss in Q2 2021 Results,(Share Price:N1.13k)

UPDC Plc released its Q2 2021 Unaudited results for the period ended June 30th, 2021.

 Key Highlights

  • Revenue declined by -9% to N316m from N247m in the previous quarter.
  • Loss before tax stood at N511m.
  • Loss after tax stood at N603m.
  • Net Assets declined by -6% from N9.6bn to N9.1bn.
  • Share Price Currently Stands at N1:13k\

Q2 REPORT FOR PERIOD ENDED 30 JUN

 2021 N’m2020 N’m% Change
 JUNJUN 
Revenue316347-8.80%
PBT(511)(2,040.0)-97.67%
Taxation(62.50)(44.05)62.85%
Profit(603)(2,902)-80.83%
Basic EPS(N)(3)(50)32.65%

            BALANCE SHEET INFORMATION

Net Asset9,0599,642-6.00%

 

 

Food Prices Still on the Rise

Rising food prices amidst food scarcity appear to be the new reality, a worrisome situation pushing many Nigerians below the poverty line. According to the selected food price watch data for June 2021 by the National Bureau of Statistics (NBS).

About the Author

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First Ideas Limited is an investment and financial advisory company established in 1994 to provide advisory services to high net worth individuals, trust funds, financial institutions and medium sized companies in growth sectors.

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